Continuum Advisory LLC Trims Stock Position in Shopify Inc. (NYSE:SHOP)

Continuum Advisory LLC decreased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 34.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 550 shares of the software maker’s stock after selling 293 shares during the period. Continuum Advisory LLC’s holdings in Shopify were worth $53,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Moser Wealth Advisors LLC boosted its stake in Shopify by 4.9% in the first quarter. Moser Wealth Advisors LLC now owns 10,174 shares of the software maker’s stock valued at $971,000 after acquiring an additional 475 shares in the last quarter. EWA LLC lifted its holdings in shares of Shopify by 39.8% in the 1st quarter. EWA LLC now owns 3,837 shares of the software maker’s stock valued at $366,000 after purchasing an additional 1,093 shares during the last quarter. Intact Investment Management Inc. boosted its position in shares of Shopify by 19.8% in the 1st quarter. Intact Investment Management Inc. now owns 327,284 shares of the software maker’s stock valued at $31,140,000 after purchasing an additional 54,160 shares during the period. Weaver Capital Management LLC grew its stake in Shopify by 0.4% during the 1st quarter. Weaver Capital Management LLC now owns 53,393 shares of the software maker’s stock worth $5,098,000 after buying an additional 208 shares during the last quarter. Finally, Segment Wealth Management LLC increased its position in Shopify by 899.2% during the first quarter. Segment Wealth Management LLC now owns 22,282 shares of the software maker’s stock worth $2,127,000 after buying an additional 20,052 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the subject of several research analyst reports. UBS Group decreased their price objective on Shopify from $125.00 to $110.00 and set a “neutral” rating for the company in a report on Friday, May 9th. BMO Capital Markets started coverage on shares of Shopify in a research note on Tuesday, May 6th. They set an “outperform” rating and a $120.00 price target for the company. JPMorgan Chase & Co. lowered their price objective on shares of Shopify from $124.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. DA Davidson lifted their price objective on shares of Shopify from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 16th. Finally, Loop Capital decreased their target price on shares of Shopify from $150.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $115.66.

Shopify Stock Performance

SHOP opened at $113.89 on Thursday. The company has a market cap of $147.76 billion, a price-to-earnings ratio of 73.48, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The business’s fifty day moving average is $102.49 and its two-hundred day moving average is $104.82.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.